10月23日，赤子城科技(09911.HK)发布2025年前三季度营运数据公告，截至9月30日止九个月，公司社 交业务收入约43.80亿元至44.40亿元，同比增长约34.5%至36.4%。创新业务收入约5.3亿元至5.5亿元， 同比增长69.9%至76.3%，整体延续了强劲发展态势。 展望后续，赤子城科技全球总部今年上半年在中国香港落地。公司预期香港全球总部将与中东北非区域 总部、东南亚区域总部，以及遍布全球的研发中心、运营中心高效联动，为公司在全球市场的长期高质 量发展注入新的动能。 其中，社交业务收入同比大幅增长，主要归因于公司借助AI技术推动多样化社交产品持续稳步增长。 2025年第三季度，赤子城科技社交业务平均月活达约3408万，环比增长约0.7%。 中信里昂近期披露的研报认为，中东北非市场空间广阔，赤子城科技是最具竞争力的参与者之一，有望 持续把握机遇并扩大市场份额。二级市场上，赤子城科技今年以来股价累计上涨近200%。 Sensor Tower显示，2025年1月至9月，赤子城科技主要产品SUGO位列中东地区社交网络App收入排行榜 第6位，位列中东地区Google Play游戏App收入排行榜 ...

10 月 23 日，赤子城科技(09911.HK)发布了 2025 年前三季度营运数据公告，截至 9 月 30 日止九个月， 公司总收入预期为人民币 49.1 亿~ 49.9 亿元，较 2024 年同期增长 37.6% ~ 39.9% 。其中，社交业务收 入约 43.80 亿~ 44.40 亿元，较 2024 年同期增长约 34.5% ~ 36.4%。创新业务收入约 5.3 亿~ 5.5 亿元， 同比增长高达 69.9% ~ 76.3%，整体延续了强劲发展态势。 社交业务持续突破，AI 赋能驱动增长 前三季度，公司主要产品在中东北非的市场竞争力不断增强。通过提升产品力与运营精细度、完善内容 生态与社区氛围等举措，公司核心竞争优势进一步巩固。Sensor Tower 显示，2025 年1 月- 9 月，SUGO 位列中东地区社交网络 App 收入排行榜第 6 位，TopTop 位列中东地区 Google Play 游戏 App 收入排行 榜第 9 位。 2025 年，中东北非社交娱乐行业继续呈现巨大的商业势能。中信里昂研报显示，中东北非市场空间广 阔，赤子城科技是最具竞争力的参与者之一，有望持续把握机遇并扩大市 ...

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, driven by the growth of its social and innovative businesses, as well as the deepening application of AI technology [1][2][3] Financial Performance - The company achieved a customer contract revenue of 3.181 billion yuan, a year-on-year increase of 40.0% [1] - Gross profit reached 1.775 billion yuan, up 55.6% year-on-year [1] - Net profit attributable to shareholders was 489 million yuan, a substantial increase of 117.8% year-on-year [1] Business Segments - Social business revenue was 2.834 billion yuan, reflecting a growth of 37.0% year-on-year, with standout performances from the SUGO and TopTop platforms, both exceeding 100% growth [1] - The innovative business generated 347 million yuan in revenue, marking a 70.5% increase year-on-year [2] - The company's core social products in the Middle East and North Africa saw revenue growth exceeding 60% year-on-year, indicating strong local market penetration [2] AI Integration - The company plans to deepen the application of AI in business scenarios to enhance research and development efficiency, operational precision, and user experience [3] - Key operational metrics for SUGO improved with AI support, including increased user engagement and payment rates [3] - The launch of the AI-based zero-code creative content community, Aippy, allows users to create content easily, targeting non-programmers [3] Global Strategy - The company has established a regional headquarters in Riyadh for the Middle East and North Africa and has set up its global headquarters in Hong Kong [3] - The global market strategy is evolving, with flagship products like SUGO beginning to penetrate Latin America and parts of Europe, demonstrating high market adaptability [2]

Core Viewpoint - The company reported significant growth in its mid-year performance for 2025, driven by the dual expansion of its social and innovative businesses, alongside the deepening application of AI technology, with revenue increasing by 40.0% year-on-year and net profit rising by 117.8% [1][4]. Business Performance - The social business remains the primary revenue contributor, with new products TopTop and SUGO showing explosive growth, while established products MICO and YoHo continue to provide stable profits [3][4]. - Innovative business revenue surged by 70.5% year-on-year, with standout performances in premium games and social e-commerce [3][6]. Financial Metrics - For the six months ending June 30, 2025, the company achieved customer contract revenue of 3.181 billion yuan, a 40.0% increase; gross profit reached 1.775 billion yuan, up 55.6%; net profit attributable to shareholders was 489 million yuan, a significant increase of 117.8%; adjusted EBITDA was 646 million yuan, growing by 44.0% [4]. - The social business generated revenue of 2.834 billion yuan, reflecting a 37.0% year-on-year growth, with SUGO and TopTop both exceeding 100% growth in revenue [4][6]. Market Insights - The MENA region continues to be a strong market for the company, with core social product revenue in this area growing over 60% year-on-year, maintaining last year's rapid growth trend [9][12]. - The company's localized operations in the MENA region are showing a "compound effect," with increasing market barriers and a strategic goal of penetrating the Middle East [12]. AI Technology Application - The company is deepening the application of AI in its business operations to enhance research and development efficiency, operational precision, and user experience in social products [13][18]. - For instance, SUGO has seen improvements in various operational metrics such as user online duration, payment rates, and ARPU, attributed to AI enhancements [18]. Global Strategy - The company has established its regional headquarters in Riyadh for the MENA region and has set up its global headquarters in Hong Kong, aiming to leverage these locations for better coordination with global R&D and operations [20].

创新题材+Merge-2+解谜，蓝色奥义持续验证方法论 作为一款二合游戏，相较于市面上的其他竞品，《Haunted Merge》最大的亮点便是选择了中式民俗恐怖这个极为小众的题材。 就游戏出海而言，在SLG之外，合成应该是当下行业关注度、厂商参与度、爆款产出率以及收益情况最好的赛道，尤其是更为细分的Merge-2方向。 近期点点出海发现一款中式恐怖题材的Merge-2游戏《Haunted Merge: Horror Story》（《谁来救救我》），该作的出现表明了赛道正在朝着题材多元化、 玩法创新化的方向"狂奔不止"，另外其背后厂商似乎也是我们熟悉的赛道重点厂商，作为后来者他用自己的方法论实现了突围，而这种成功的突围又与赛 道的发展进程密切相关。 01 《Haunted Merge》东南亚5国开测 根据简单体验到的剧情，玩家扮演的女主沈昭昭八字极阴，父母都是精通风水之人，但就在一个月之前父母却完全失联，她翻遍家里找到一张照片，照片 指向了闹鬼严重的幸福公寓，为了追寻父母的下落，女主便以租客的身份入住了公寓，在寻找父母的同时探寻这栋不寻常的公寓的秘密。 下文中，点点出海将详细分析《Haunted Merge》是 ...

Core Viewpoint - The company, ZhiZi City Technology, is expected to see significant revenue and profit growth in the first half of 2025, driven by strong performance in its social business and innovative products, particularly in the AI-driven sector [1][2][3]. Group 1: Financial Performance - Total revenue for the first half of 2025 is projected to be between RMB 31.35 billion and RMB 32.15 billion, representing a year-on-year growth of 38.0% to 41.5% [1]. - Net profit attributable to shareholders is expected to be around RMB 4.70 billion to RMB 5.10 billion, showing a substantial increase of 108.9% to 126.7% year-on-year [1]. - Adjusted EBITDA is anticipated to be approximately RMB 6.30 billion to RMB 6.70 billion, reflecting a growth of about 40.6% to 49.6% [1]. Group 2: Social Business Growth - The social business is expected to generate revenue between RMB 28.00 billion and RMB 28.60 billion, with a year-on-year increase of 35.4% to 38.3% [2]. - Key contributors to this growth include strong performance from new products SUGO and TopTop, with SUGO ranking 7th in revenue among social network apps in the Middle East [2]. - The company is enhancing its market presence globally, with SUGO showing promising adaptability in new markets such as Latin America and Europe [2]. Group 3: Innovative Business Development - Innovative business is projected to achieve explosive growth, with expected revenue between RMB 3.35 billion and RMB 3.55 billion, marking a year-on-year increase of 65.0% to 74.9% [3]. - The success is attributed to stable development in traffic monetization and social e-commerce, alongside the gradual revenue contribution from premium games [3]. - The company is focusing on shortening game development cycles and improving operational efficiency, which is expected to drive stronger growth in this segment [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][15]. Core Insights - The company's social business is projected to achieve revenue of RMB 28.00-28.60 billion in 25H1, reflecting a year-on-year growth of 35.4%-38.3%, driven by strong performance from new products SUGO and TopTop [2]. - The innovative business segment is expected to see explosive growth, with anticipated revenue of RMB 3.35-3.55 billion, representing a year-on-year increase of 65.0%-74.9% [3]. - The company is expected to achieve revenues of RMB 69.81 billion, RMB 86.49 billion, and RMB 103.58 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 9.51 billion, RMB 12.26 billion, and RMB 15.30 billion [3]. Financial Summary - For the fiscal year 2023, the company reported total revenue of RMB 3,308 million, with a year-on-year growth rate of 18.1% [1]. - The projected net profit for 2023 is RMB 513 million, showing a significant year-on-year increase of 294.1% [1]. - The company's return on equity (ROE) for 2023 is reported at 45.8%, with a projected decline to 31.2% in 2024 [1][8]. Revenue and Profit Forecast - The company anticipates a revenue increase to RMB 5,092 million in 2024, with a growth rate of 53.9% [1]. - By 2025, the expected revenue is RMB 6,981 million, with a growth rate of 37.1% [1]. - The projected earnings per share (EPS) for 2025 is RMB 0.67, with a price-to-earnings (P/E) ratio of 13.9 [1][8]. Market Position and Strategy - The company is focusing on enhancing AI capabilities and diversifying its product offerings to cover more segments in the global social entertainment market [3]. - The SUGO product has shown good market adaptability in new regions such as Latin America and Europe [2]. - The company aims to solidify its position in core markets while expanding its global footprint [2].

Investment Rating - The investment rating for the company is "Buy" based on its strong performance and growth potential [10]. Core Insights - The company achieved a revenue of 5.09 billion RMB in 2024, representing a year-on-year growth of 53.92%. The social business revenue reached 4.63 billion RMB, growing by 58.1%, while the innovative business revenue was 460 million RMB, up by 21.3% [1][2]. - The operating profit was 729 million RMB, an increase of 32.3%, and the adjusted EBITDA was 963 million RMB, reflecting a growth of 42.8% [1]. - The company expects to record a revenue of approximately 1.5 to 1.57 billion RMB in Q1 2025, which is a year-on-year increase of about 41.5% to 48.1% [2]. Summary by Sections Social Business Performance - The social business continues to show robust growth, with a revenue of 4.63 billion RMB in 2024, up 58.1%. Key products like MICO and YoHo are contributing significantly, while the new product SUGO has seen revenue growth exceeding 200% [3]. - The average monthly active users (MAU) for the social business reached 32.835 million in Q1 2025, a quarter-on-quarter increase of 3.4% [3]. Innovative Business Development - The innovative business, particularly in premium games, has shown significant growth, with total revenue exceeding 705 million RMB, a year-on-year increase of over 80%. The flagship game "Alice's Dream: Merge Games" has also performed well [3]. - The social e-commerce segment has experienced revenue growth exceeding 200% and profit growth over 600% [3]. Profit Forecast - The company is expected to maintain high growth in its social and gaming products, with new products in development. The acquisition of remaining shares in NBT Social Networking is anticipated to further enhance profits in 2025 [5]. - The projected net profits for 2025-2027 are 903 million, 1.12 billion, and 1.38 billion RMB, representing year-on-year growth rates of 88.1%, 23.9%, and 23.3% respectively [5].

Core Viewpoint - CITIC Securities has initiated coverage on Zhizi City Technology (09911.HK) with a "Buy" rating, highlighting its strong growth potential in the global pan-entertainment social sector, driven by its "product replication + country replication" strategy and extensive overseas operational experience [1] Group 1: Company Performance - Zhizi City Technology has shown robust performance in recent years, entering a "product harvest period" with a clear business structure and synergistic growth across its three main business segments [1] - The company has a healthy product ladder in its pan-crowd social business, with flagship products MICO and YoHo generating cash flow, while newer products TopTop and SUGO are expected to see revenue growth exceeding 100% and 200% respectively in 2024 [2] - The company is projected to achieve approximately 50% year-on-year revenue growth for "TopTop + SUGO" in 2025, leveraging its replicable experience to develop star products [2] Group 2: Market Expansion - Zhizi City Technology is accelerating its expansion in overseas markets, particularly through its global multi-crowd social platform HeeSay, which has significant growth potential [2] - The company is also diversifying its growth avenues by developing mobile games and social e-commerce, with the casual gaming sector being a strategic focus [2] - The Middle East and North Africa (MENA) region presents a vast market opportunity for online social entertainment due to high GDP per capita and limited offline social options, with the media and entertainment market projected to reach $82 billion by 2032 [2]